The stock market started the week on a great note Monday, as uncertainty over the presidential election waned. President Donald Trump, who’s been getting treated at Walter Reed National Military Medical Center after contracting the virus, announced he will be leaving the hospital Monday evening.
On the Democratic side of the ticket, a number of polls show a strong lead for Democratic presidential nominee Joe Biden. But the market has increasingly grown to expect a contested or drawn-out election, but a clear winner would dramatically reduce uncertainty and the stock market volatility may accompany it.
The Dow Jones Industrial Average finished up 465 points, or 1.7%, to finish at 28,148.
Cineworld shuttering U.S., U.K. theaters. Regal parent Cineworld announced it would be closing all of its U.S. and U.K. locations for liquidity reasons. The move will impact more than 630 of the company’s movie theaters and could leave as many as 45,000 people unemployed.
Cineworld said the reluctance of studios to release blockbusters like the latest James Bond installation forced its hand, although it was hopeful theaters could reopen for the holiday season.
Rival AMC Entertainment Holdings (ticker: AMC) plunged 11.2% on the day following the announcement, which paints a bleak picture of the hard-hit industry’s prospects for recovery.
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Regeneron soars as Trump uses treatment. Biotech Regeneron Pharmaceuticals ( REGN) jumped about 7% Monday after confirmation that President Trump was given the company’s monoclonal antibody treatment on a “compassionate use” basis.
While the drug isn’t available to the public at large yet, the confidence of the president’s medical team to give Trump the treatment also gave Wall Street confidence in REGN stock. Shares are now up 60% year to date.
SPACs get an ETF. SPACs, or special purpose acquisition companies, have been one of Wall Street’s fastest-growing trends in 2020. Also known as blank check companies, SPACs are essentially just a pool of money when formed, but their management pledges to use the money to acquire a privately traded company, bringing it public through a reverse merger.
As with any real trend on Wall Street, it was only a matter of time before an exchange-traded fund was created to track its performance. The first SPAC ETF, Defiance NextGen Derived SPAC ETF ( SPAK) hit the markets last week with an expense ratio of 0.45%.
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Theater Stocks Tank, Regeneron Stock Up 7% originally appeared on usnews.com
